Iran’s refusal to grant the IAEA access to the enrichment facilities at Isfahan, Fordow, and Natanz stems from military strikes on those sites in 2025 and early 2026, after which Tehran suspended verification activities under its NPT safeguards agreement. IAEA Director General Rafael Grossi has stated that the agency cannot confirm the location, quantity, or status of Iran’s highly enriched uranium stockpile without on-site inspections and nuclear material inventory verification. A June 2026 U.S.-Iran memorandum referenced IAEA supervision of nuclear activities, prompting Grossi to indicate that inspections would proceed once modalities were agreed, yet Iranian officials, including Atomic Energy Organization head Mohammad Eslami, have conditioned any visits to damaged facilities on new inspection protocols, parliamentary approval, and progress toward a final bilateral agreement. Limited IAEA access continues at undamaged sites such as Bushehr, while satellite imagery tracks ongoing activity at the restricted complexes; resolution of the market therefore hinges on whether diplomatic talks produce concrete arrangements for safeguards restoration before the specified deadline.